Stronger number gives the dollar a boost
The stronger than expected Markit manufacturing PMI data (preliminary) for November, has goosed the dollar higher. The USDJPY has gotten a nudge higher as well and busted out of its 19 pip trading range for the day and also above the 100 hour moving average for the 1st time since November 16. That moving average currently comes in at 103.884. Staying above would keep the intraday buyers more control.
The next target comes in at the November 17 low which cuts across at 104.063 the 38.2% retracement of the move down from last week's high to low comes in at 104.213. That is also the high price from last Thursday's trade.
Risk for longs is now the 100 hour moving average at 103.884.
The range for the day is now up to 42 pips. The average over the last 22 trading days (about a month of trading) is 66 pips. There is still some room to roam on more bullish momentum.
